Naugatuck Economic Development Corporation

Analysis

Naugatuck Economic Development Corporation is a registered charity in United States, based in Naugatuck, CT. It received its IRS tax-exemption ruling in February 2004, 22 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Naugatuck Economic Development Corporation reported income of $123k and spending of $124k, spending 101% of its income. Across the 5 years on record, from June 2020 to June 2024, income grew from $120k to $123k (+2.3%), an average of +0.6% a year. Over the whole period it spent 97% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Naugatuck Economic Development Corporation sits at the 40th percentile: it is larger than about 40% of them. Against every charity in United States with reported income it ranks in the 42nd percentile, and in the 40th percentile within CT. Charities of a similar size with the same main cause include National Grain & Feed Foundation ($123k), Real Food Inc ($123k) and American Society of Heating Refrigerating & A-C Engineers ($123k).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $75k (61% of expenses). Other salaries and wages came to $20k. At year end it held assets of $28k against liabilities of $4,610, net assets of $23k. It reported 2 employees.